Baird Medical Investment Holdings Ltd financial statements
Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Baird Medical Investment Holdings Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
35.1
31.5
37
22.5
Cost of revenue
7.05
4.23
4.38
3.65
Gross profit
28
27.2
32.7
18.9
Research and development
3.86
4.27
6.17
20.1
Selling and marketing
3.59
2.55
4.06
10.3
General and administrative
6.96
8.55
7.1
14.1
Operating expenses
14.4
15.4
17.3
44.5
Operating income
13.6
11.9
15.3
-25.6
Interest expense
0.3
0.28
0.58
0.74
Interest income
0.01
0
0
Other non-operating income
-0.19
-0.01
-0.65
-0.1
Pre-tax income
14.5
12.4
14.1
-26.4
Income tax
1.75
1.7
1.49
1.17
Net income to minority interests
0.21
0.11
0.14
-0.26
Net income
12.6
10.5
12.5
-27.3
EBITDA
14.5
12.9
16.5
-24.5
EPS, basic
0.61
0.51
0.57
-0.98
EPS, diluted
0.61
0.51
0.57
-0.98
Shares, basic (weighted)
20.5
20.6
21.8
27.8
Shares, diluted (weighted)
20.5
20.6
21.8
27.8
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
1.71
1.51
2.97
0.18
Receivables
31.1
46.6
42.5
Inventory
1.14
1.3
1.09
Other current assets
5.81
10.3
10.5
Total current assets
40.1
61.4
55
Property, plant and equipment
6.14
7.14
6.37
Lease right-of-use assets
0.86
0.48
0.18
Goodwill
0.06
0.06
0.06
Intangible assets
0.03
0.02
0.01
Total assets
56.7
78
69.7
Accounts payable
0.55
1.25
1.81
Accrued liabilities
0.75
0.8
0.68
Deferred revenue
0.5
0.79
0.79
Short-term debt
0.82
0.87
2.64
Total current liabilities
19
34.6
32.4
Long-term debt
1.61
3.44
6.09
Lease liabilities
0.41
0.14
0.03
Total liabilities
21
38.2
38.5
Total debt
2.43
4.45
8.72
Paid-in capital
18.9
11.4
28.7
Retained earnings
14.4
26.8
-0.52
Other comprehensive income
-2.01
-3.14
-1.37
Shareholders' equity
35.8
39.7
31.4
Minority interests
-0.04
0.1
-0.14
Total equity
25.8
35.7
39.8
31.2
Total liabilities and equity
56.7
78
69.7
Shares outstanding
29.4
25.6
30.8
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
12.8
10.7
12.6
-27.5
Depreciation and amortization
0.92
1.01
1.14
1.1
Stock-based compensation
0
0
17.5
Deferred income tax
-0.14
-0.54
0.03
-0.05
Change in receivables
-14.8
-9.67
-17.8
5.35
Change in inventory
1.57
0.11
-0.19
0.26
Change in payables
-0.1
0.34
0.73
0.48
Cash from operations
0.49
-1.02
-6.31
-1.34
Capital expenditures
-5.91
-2.64
-2.85
-0.04
Cash from investing
-5.92
-2.65
-2.47
-0.04
Debt issued
2.55
2.78
6.39
Debt repaid
-0.19
-0.81
-2.28
Cash from financing
4.41
3.48
10.3
-1.39
Exchange rate effect
-0.3
-0
-0.09
0.38
Net change in cash
-1.32
-0.2
1.46
-2.4
Free cash flow
-5.42
-3.66
-9.17
-1.39
Interest paid
0.24
0.29
0.58
0.74
Income taxes paid
1.44
2.64
1.84
0.84
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.77 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
83.8%
Gross profit / revenue.
Operating margin
-113.7%
Operating income / revenue.
EBITDA margin
-108.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-117.0%
Pre-tax income / revenue.
Net margin
-121.0%
Net income / revenue.
FCF margin
-6.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-6.0%
Cash from operations / revenue.
Return on equity (ROE)
-76.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-36.9%
Net income / average total assets.
Return on invested capital (ROIC)
-50.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
89.3%
Research and development expense / revenue.
Stock-based pay / revenue
77.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.2%
Capital expenditures / revenue.
D&A / revenue
4.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-39.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-13.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-42.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-12.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y
-267.4%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-249.1%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-319.0%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-271.9%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-20.9%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-10.6%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
27.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
10.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.70x
Current assets / current liabilities.
Quick ratio
1.32x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.01x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.28x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
12.5%
Total debt / total assets.
Liabilities / assets
55.2%
Total liabilities / total assets.
Net debt
$8.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.98
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.98
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.81
Revenue / diluted weighted shares.
FCF per share
-$0.05
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.05
Cash from operations / diluted weighted shares.
Book value per share
$1.02
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.44x
Market cap / revenue.
P/B
1.03x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.03x
Market cap / tangible book value, when positive.
EV/Sales
1.81x
Enterprise value / revenue.
FCF yield
-4.3%
Free cash flow / market cap.
Earnings yield
-84.3%
Net income / market cap (the inverse of P/E).
What was Baird Medical Investment Holdings Ltd's revenue in fiscal 2025?
Baird Medical Investment Holdings Ltd reported revenue of $22.5M for fiscal 2025, 39.2% lower than the year before.
Was Baird Medical Investment Holdings Ltd profitable in fiscal 2025?
No. It reported a net loss of $27.3M.
How much free cash flow did Baird Medical Investment Holdings Ltd generate in fiscal 2025?
Cash from operations of $1.3M minus capital expenditures of $42.3K left free cash flow of -$1.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.